J.P. Morgan Beats the Street

The nation’s largest banks by assets announced first-quarter earnings down 3.1% as legal expenses and debt-related charges weighed, masking a surprise increase in revenue.

J.P. Morgan reported a profit of $5.38 billion, down from $5.56 billion a year earlier. On a per-share basis, earnings were $1.31, up from $1.28 as the share count outstanding declined. The latest quarter included a net 8-cent per-share loss tied to litigation expenses and changes in the value of the bank’s debt.